Gold held steady on Friday after swinging up and down a percentage point on mixed US economic data, but bullion hit its first weekly decline in four weeks on an overall stronger dollar and higher Treasury yields.
Spot gold rose 0.1 percent to $2,044.21 per ounce after falling and then rising by about 1 percent earlier in the session. Prices were set to shed nearly 1 percent for the week.
US gold futures settled mostly unchanged at $2,049.80.
Official data showed US employers hired more workers than expected in December, but separate data from the Institute for Supply Management (ISM) indicated that the US services sector slowed considerably last month.
“First, the nonfarm payrolls data came in stronger than expected, due to which we saw some pressure applied to gold … However, on the heels of that we received some weaker-than-expected ISM data and as a result we’ve seen a turn in trend,” said David Meger, director of metals trading at High Ridge Futures.
Both the US dollar and 10-year Treasury yields hit their highest levels in three weeks, heading for their best weeks since July and October, respectively.
